25 Oct '14, 11pm

Bitcoin future in UAE uncertain due to lack of regulation - The National

DUBAI // Efforts to promote the use of Bitcoin in the UAE have stalled amid uncertainty over how it is regulated here and in the wider region. “We reached a point where we are still uncertain about complying with regulations, which is where we have actually stalled,” said Tarik Kaddoumi, who started Umbrellab, a Bitcoin services company, with co-founder Sergey Yusopov. In April, Umbrellab activated the UAE’s first Bitcoin ATM in Dubai Media City, but it has since scaled back its efforts until regulatory questions are resolved. The key questions, said Mr Kaddoumi, were which entity would regulate the use of Bitcoin and how would the authorities define it – as a currency, commodity, digital token or something else. “The fact that there is no regulation about Bitcoin would make it a very grey area,” he said. “We just need to make sure we’re complying 100 per cent with Governm...

Full article: http://www.thenational.ae/uae/bitcoin-future-in-uae-uncer...

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